sec.133Transferring engagements and authorisations [SM, s 143 ]

sec.133 Transferring engagements and authorisations [SM, s 143 ]

A person’s rights under an engagement as a body corporate manager or service contractor, or authorisation as a letting agent, may be transferred only if the body corporate under the engagement or authorisation approves the transfer. To avoid any doubt, it is declared that the approval may be given by resolution of the committee, unless the decision on the approval is a decision on a restricted issue for the committee, or by ordinary resolution of the body corporate. In deciding whether to approve a proposed transfer, the body corporate may have regard to— the character of the proposed transferee and related persons of the proposed transferee; and the financial standing of the proposed transferee; and the proposed terms of the transfer; and the competence, qualifications and experience of the proposed transferee and any related persons of the proposed transferee, and the extent to which the transferee and any related persons have received or are likely to receive training; and other matters stated in the engagement or authorisation. The body corporate must decide whether to approve a proposed transfer within 30 days after it receives the information reasonably necessary to decide the application for approval. The approval may be given on condition that the transferee enters into a deed of covenant to comply with the terms of the engagement or authorisation. The body corporate must not— unreasonably withhold approval of the transfer; or require or receive a fee or other consideration for approving the transfer, other than reimbursement for expenses reasonably incurred by the body corporate in relation to the application for its approval. Subsection (6) applies subject to division 2 . In this section— related persons , of a proposed transferee, means— if the proposed transferee is a corporation—the corporation’s directors, substantial shareholders and principal staff; or if the proposed transferee is a partnership—the partners and principal staff of the partnership. (sec.133-ssec.1) A person’s rights under an engagement as a body corporate manager or service contractor, or authorisation as a letting agent, may be transferred only if the body corporate under the engagement or authorisation approves the transfer. (sec.133-ssec.2) To avoid any doubt, it is declared that the approval may be given by resolution of the committee, unless the decision on the approval is a decision on a restricted issue for the committee, or by ordinary resolution of the body corporate. (sec.133-ssec.3) In deciding whether to approve a proposed transfer, the body corporate may have regard to— the character of the proposed transferee and related persons of the proposed transferee; and the financial standing of the proposed transferee; and the proposed terms of the transfer; and the competence, qualifications and experience of the proposed transferee and any related persons of the proposed transferee, and the extent to which the transferee and any related persons have received or are likely to receive training; and other matters stated in the engagement or authorisation. (sec.133-ssec.4) The body corporate must decide whether to approve a proposed transfer within 30 days after it receives the information reasonably necessary to decide the application for approval. (sec.133-ssec.5) The approval may be given on condition that the transferee enters into a deed of covenant to comply with the terms of the engagement or authorisation. (sec.133-ssec.6) The body corporate must not— unreasonably withhold approval of the transfer; or require or receive a fee or other consideration for approving the transfer, other than reimbursement for expenses reasonably incurred by the body corporate in relation to the application for its approval. (sec.133-ssec.7) Subsection (6) applies subject to division 2 . (sec.133-ssec.8) In this section— related persons , of a proposed transferee, means— if the proposed transferee is a corporation—the corporation’s directors, substantial shareholders and principal staff; or if the proposed transferee is a partnership—the partners and principal staff of the partnership.